Twitter ban hits Bitcoin prices

Captured from Coinmarketcap

By Oh Young-jin, Cho Se-yong

Bitcoin bled 7 percent in the United States and dipped below $8,000 Tuesday (Korean time). The drop came a day before a ban on cryptocurrency advertising on Twitter.

Bitcoin prices in Korea also fell.

Facebook has already implemented the ban, while Google's ban will take effect in June.

As of 2:29 a.m KST, Bitcoin was trading at $7,956, down $600 in a matter of hours. The figure marks less than half the currency's peak value of $17,375 in January.

Tech firms are going all-out to stop “misleading or deceptive promotional practices” in a crackdown on fraud in initial coin offerings. Facebook's ban in January caused Bitcoin to plummet 12 percent.

Bitcoin has lost close to 30 percent of its “market cap” this month. Last week, the U.S. Internal Revenue Service designated cryptocurrency as property, so investors should declare profits when filing their tax returns.

Since January, Korea has required all crypto trades to be made under real names.